Egypt’s gross domestic product grew by 5.3 percent in the 2017-18 fiscal year ending in June, the highest rate in 10 years, Planning Minister Hala al-Saeed said on Wednesday, in a further sign of recovery amid tough reforms and an IMF loan.

Finance Minister Mohamed Maait also said in a statement the country’s budget deficit had fallen below 10 percent for the first time since 2011, but gave no precise figures.

Egypt’s economy has been battered by years of turmoil that began after mass protests in 2011 forced President Hosni Mubarak to step down.

But the country has been showing signs of recovery in recent months amid tough reforms including cuts to energy subsidies implemented by the government of President Abdel Fattah al-Sisi as part of a $12 billion IMF loan agreement aimed at luring back foreign investments.